Last updated on April 14th, 2023 at 01:46 pm
If you have heard about the Cement Fund but don’t know what it’s about, here is a simple way to be part of it and how the fund will be implemented through the Cement Technology Institute of Nigeria (CTIN) by the Bank of Industry (BOI).
What you need to know is that the CTIN gave birth to the cement fund, so it’s very important to know what brought about CTIN.
Everything you need to know before applying for BoI loans can be found at https://infomediang.com/things-to-do-before-applying-for-boi-loans
Established in 2010 by the Ministry of Trade and Investment during the administration of former President Goodluck Jonathan, the mandate of the Cement Technology Institute of Nigeria is to support the domestic cement industry.
It is designed to achieve this mandate through the acquisition and development of appropriate technology to make cement affordable in Nigeria.
You may be asking: how exactly can I benefit from this initiative?
The answer is simple….
1) When there is an expansion in the cement industry, more jobs will be created.
2) The government will get more revenue through taxes from the cement sector
3) It means so much to the GDP of Nigeria, meaning the government will have more money to support small businesses in the country.
4) It means that more financially independent Nigerians will emerge as a result of jobs and training that are offered by the CTIN.
The CTIN funding which is also called cement fund is available to entrepreneurs in the cement value chain for investment in risk assets in the cement industry’s value chain.
Management of Cement Fund
BOI was appointed in 2009 to manage the fund that accrued from levies on imported cement for the development of Nigeria’s cement industry.
What this means is that monies accrue from cement importation tax will be used to support and develop local production and stakeholder in the sector.
Don’t forget that between 2011 and 2015, the Federal Government transferred N9.6bn to the BoI based on an earlier scheme and was directed to channel the fund to CITN when it was created.
How To Apply For Cement Fund
Note that you must be a major player to apply for this fund, simply head straight to the official portal of the BoI
- Set up an account if it’s your first time
- Fill in the form and submit it.